Business is an intense game. I'm now on my second venture, and the first one is doing well and going strong 💪, but not without learning some excruciating lessons 🥵. Keep your head up, shoulders back. You had the guts to go for it rather than fantasizing all day about it. Trust me if you have the entrepreneurial itch you’ll be back 😂 build MVPs they will save you pivot as you gather insights.
90% of all tech startups fail within 1 year. When I started my own, I simply decided that $50'000 was the money I'd put into it, and Im FINE with losing it all at least for the pursuit of a dream. I would never forgive me if I didn't try that. Better losing it for a good shot rather than spending the rest of my life being bitter and regretful that I wasn't brave enough to do something I truly believed in.
This was so well spoken, honest and brilliant! I love the idea that you tried and how optimistic you were. I honestly dont consider this as a failure, but rather is an inspiration story. Im sure you're very successful without this startup. In my mind, success is peace of mind, not having billions of dollars
I've been running a small business for 10 years. Right now the finances are not looking good. There is $200,000 of business debt and I have $65,000 of personal debt and it's looking like we are heading toward bankruptcy. I'm scared and depressed. This week I'm going to see several bankruptcy attorneys, but I'm probably going to lose everything if I'm able to file Chapter 7 for myself and the business. Worse yet, there are many customers in the business with substantial amounts in preorders... but there's not even close to enough cash to refund them all and the business might only be able to survive financially for a few more months. If I am able to file for bankruptcy I will lose my vehicle and most of my belongings and will probably have to move back in with my mom or a friend. This is the scariest and darkest time of my adult life.
Small business owners are going the way of the dinosaur. Big tech and multinationals are winning, and they will continue to win regardless of our ingenious efforts to stay in business.
Try to save what you can. Take as much cash from the business as possible. Sell everything and take vacation and try to start over. I just mismanaged $100k with a new start up. Either way as long as you have your freedom and life, you can always make more money.
Hearing your story really gives me some peace with my own story. I worked on my own startup for the past 2 years and we are at the point where we will shutdown. We just never got the traction that we needed and lost our USP, because we were unable to create the product we inteded to develop. What really striked me in your video is that I feel excatly the same, as you, I also went into the startup world mainly to earn big money and get the feeling of doing something special, but i never loved the work. I had no passion for our product or the things we wanted to do, so even when trying I couldnt give it my all. I hope i will sooner or later find my passion and be brave enough to go for it, whatever it may be. Atleast i know now that it is not the start up world for me, even if it really hurts right now.
Really sorry to hear that it didn't work out for you - but know that at least you tried. And I am sure you learned a lot! Let me know if you ever wanna chat about your experience, always here to support.
Whenever I watch a video about how someone "made it", I become intuitively curious about all those who risked it all and "failed". It doesn't mean that you made a mistake by giving it a shot.
I agree Aaron, the media loved the success stories but forgets those that couldn’t make it work. I have zero regrets because I know I have it a shot, and it led me to a much more rewarding career over the long term. Thanks for sharing your perspective! 😊🙏🏻
@@midsonshort I agree with you. Getting started and to be successful, we have to give it our all and leave nothing on the table. The more we move forward, the quicker we learn, and the turn it into application in the business, the more successful we are likely to be.
I failed 4 times before starting the successful business. Part of the process for me was to find out what things about myself I need to improve, and another part of it was finding a business that I enjoy enough to work through the rough days.
I think the issue is people go all in when there should be a period were you are sustaining your life (keeping your 9 to 5) and chasing wealth after 5pm... Yes you work double in the beginning but you minimize the potential cost of failure. Example. im a developer with a big idea.. i have a team of likeminded developers, we are working together nights and weekend to bring this solution to reality. Yes it takes longer to launch but you also have leverage when you do, without burning through someone elses funds. if it all fails, you still gain knowledge, new skillset, by all you learned in your personal (Wealth chasing) time. You can use that experience to increase the money you bring in 9 -5.
Your eyes are already telling a story, friend. As I also failed, I gotta tell you something that it is completely fine to fail. As success is glorified more, we think only we are failed. I think you are a winner as you tried something I can't even think of doing, it's a matter of perspectives. This was destined so don't give importance to the thought that you've done it. Instead, you can be someone to tell what not do, isn't it great? Best wishes from India!
At least you tried! Often I think people fail to recognise the value of soft skills and building character. Developing those skills for 60k and 2 years is a pretty cheap trade off. Congrats on failing up!
Thanks for the honest sharing! I’ve been in a very similar situation to yourself pursuing startups, and it’s important to know that building a business is a team effort and many factors are outside of our control. As long as we learn from the experiences and grow as a person, it is worth it. Stay blessed! 🙏🏼
Nice one Daniel thanks for sharing your story. Tis a cliché to say but you only regret what you don’t do. My own business that I closed after operating it for seven years still brings me the greatest joy when I think back and lessons learned ever… I’ve had some affirming experiences lately with people passing and I’m convinced that money holds little value. An old friend who was always very concerned about money wouldn’t get a plumber to fix his kitchen tap because he was worried about being overcharged, this was days after being told he had weeks to live! He died shortly after owning three houses in the same road he lived in and had a bank balance fit to burst. I have many similar stories and all of these people would suggest that having a venture fail would be the worst thing in the world to happen. I guess what I’m trying to say here is that people hold money in greater importance than life itself even when money or possessions hold no value after your death. It’s the money that has them, they never truly have the money or a life outside or their concerns about money.
Awesome video, I'm close to launching my start up and although I love my idea and love seeing it come to light I'd be lying if I said im not a bit terrified of failure. Thank you for making this video.
You should definitely still go for it, but I’d say hedge your bets in the first few years if you can. Keep another job or source of income coming in. That way you won’t be set so far back if it doesn’t work out. It’s still worth the risk for the learning.
Hi Daniel. This is one of the best videos I ever found. You reminded us that there is a way back from failure. I hope things are working out for you now.
Thank you Mark! So glad it was useful for you! Yes, I recovered and have found a much more rewarding career. Overall the experience sucked, but it worked out in the end! And now at least I know I tried! Wishing you all the best! 😊🙏🏻
I feel this so much in a lot of ways. I'm still going, but holy moly it's been so much harder to get to the point I'm at than I expected. If I wasn't absolutely obsessed with my idea I would have given up ages ago. Especially since my ADHD is drawn to INTEREST. Thanks for your vulnerability here. Makes me feel seen! Good luck out there with whatever venture you are on now! -Ryan
Thank you soooooo much for sharing this! I was feeling so alone and depressed and I literally went through the same thing. It was so relatable and needed you may have saved my life ❤
Hi Daniel, I started my a tech company providing Web development / social media marketing / graphic design & Video animation and Now I'm at the stage where it's going down, we don't have any new clients due to not spending enough to make up our funnel. I love the work, my efforts were there but due to my silent partners not remaining silent now we're in the stage of shutting everything down today or tomorrow.
Sorry to hear that Marc, I know first hand how hard that can be. Don’t be too down in yourself - I think a lot more people fail than we realize. Even if this business doesn’t work out, you will rise again 😊🙏🏻
Yeah that's how I feel about my aspirations of becoming a successful poker player and gambler but after many consecutive years of failure it's just self destructive. Like you said, it's a key to success to allow yourself to erase the original plan and create a new one that will lead you to the better life you are trying to create. Thanks for the video.
The saddest thing is... I loved building our logic assistant, and we released it, and it was a "nothing burger." I don't think users want to pay for apps anymore. This has been the case for at least a decade.
Hi Daniel! Thank you for sharing your story. I'd like to add a different perspective form my experiance. While I'm passionate about my startup, I've come to realize that passion alone isn't always enough for success. It's essential to consider profit margins and whether we can sustain the company. I've found that having a clear understanding of our financials, including cash flow and access to investor networks, is crucial. This insight comes from my own experience, and I hope it proves helpful to others
My sympathies. I can greatly relate to your situation. Our business (Kitchen Delight) has been almost 14 years already. It really hurts a lot seeing our business struggle to exist. The business landscape has changed over the last few years. I had experienced our golden years. Unfortunately, now we find it hard to gain customers. we make our own efforts with our marketing and all but the return is not that satisfactory. There are a few causes that I see that made our business unprofitable and here are a few; Inflation. Drastic prices going up results in limited customer purchasing power. Competition. Especially in pricing. Our competitors are well funded thus they can manufacture huge amounts that will save them production costs. The list of factors goes on... The bottom line is that I am still in the part of my life where I am trying to internalize everything and this will lead to loss. It is a hard pill to swallow especially after years of getting used to what I am doing. Now I am still in hardships. I hope years from now everything will be good.
Thank you for telling your story about your failure in investing. There are many people who tell their success stories, and we usually do not see failure stories, which makes us live in our imagination that we will succeed and become a millionaire, and we do not realize that it is possible that we lose.
I love being an entrepreneur, but I would recommend for people that want to start a business, is to do it in a field that you know inside and out, and have a passion for. There are successful potato farmers that don't know anything else. Thanks for sharing
Totally agree! That was a huge mistake for me trying to do something because I thought it would bring me money. You are on the right track and I wish you all the best! 😊🙏🏻
Thank you my friend! Yes it’s honestly a part of me that I wanted to hide away for the longest time. I felt like because I didn’t ‘make it’ as a startup millionaire/billionaire that I was somehow weak or not worthy. But the truth is everyone has a story like this along the road to their overall success. 😊🙏🏻
Thanks Daniel for honest sharing his story. Because most known stories from Silicon valley about successful, easy money-making, how do they became unicorn from nothing etc. And biggest mistake you've made is that you thought about how to make money without being passionate (impacting) about your industry and product. And your force is that you realized and admitted it to yourself. And I like your attitude to this case. Like: "Anyway it is not failure as it is. It is a biggest and most expensive lesson in my life. Which costs $60K and several years time-wasting" p.s. I subscribed to your channel, after this video )))
mate you are a hero, when these opportunities are available to you, and when you started it seemed it will likely work, you have to do it like a man. And all your intention is to provide better for your family. Don't sell short of yourself, keep moving but team up with like minded people. The final transcript of life is no regret on dreams.
Thank you for a sharing your story. I also has a started a startup with my friend. We are in the stage of find building of our application. Me and my friend started it when we were at the uni. We both are software developers. I specialise in design and marketing my friend do the programming and QA. We've worked in other companies before that use our domain for around 2 years. This September we are launching our beta. There were no worries about getting funds initially since there were funding from an initiative of our govt for supporting startups. Also we are releasing this application on a new platform backed by a big company who's currently supporting us. We ain't stopped yet. Also we are working 4 other projects in parallel. I think it's worth a shot and we'll see what happens.
@@midsonshort thanks for the support brother. Hope i can atleast make any one of my projects successful. Although it's all part of learning process. Gives a lot of experience.
@@shailendarshail9990 I'm actually from India. Here govt do provide a lot funding schemes for starting a startup it's very easy process though if you have a great idea. For me I didn't use these fundings yet. Now I have individual investors with projects worth 100k dollars. I have came a long way till I started.
Thank you for your honesty! I also enjoy your public speaking by the way. 99% start-ups fail. Part of the reasons is 80% start-ups should have started if the founders don't figure out the following 3 things: 1. Would you use the product or service you make? How much do you care about the product and service you are making. 2. Really how big is the market? Don't just pull the TAM, SAM and SOM from google. You should spend time talking to your potential users/customers and really get a feel how much they want your product. 3. If you know you will fail, would you still start it? Half of the start-ups won't start by the time they figure all the above out. The other half may have some chance to succeed (it will be still small). But if your answer to question 3 is yes, you already succeed.
Although I am really scared of failing this Video really inspired me and took this fear a little bit. I realised that the only thing I really fear is what others will think, but then again it just doesn’t matter
Phenomenal video, Daniel! One of your best. Powerful what you said here, on several levels. The truth about people often caring about the money more than the passion/impact. Also, quitting is often a great thing to do, when done consciously and for the right reasons - which is exactly what you did here. Really enjoyed watching this while on a break from work today!
Thank you my friend! Glad that it resonated for you. Being someone who values authenticity as much as you do, I can see why this message would connect for you. Appreciate your support and encouragement as always! 😊🙏🏻
Thanks for sharing. You won't die wondering and that experience and insight is priceless. Anyone doing a startup should seek to fail fast and if it's not a fail then that could be a sign that you're onto something :)
One of the secrets to success is learning how to fail fast. Its not failure, its a shot at basket, shoot again. Once you score a winning shot, it wont matter how many times you missed.
I am from India and I started my first business with 41000 pound and it fails and the second business I started with 17500 pound and that’s also fail but I didn’t give up every failure is a great lesson for me but in my 3rd try I started my londery business with 40k pounds and it become successful later on I iron the clothes and also open dry clean facility for people and now I have 1.5 million British pound in my bank account
Hey at least you tried ! Most people wont even do that.. And you must have learned so much. And you have the courage to accept failure and move on. Hey Thats something buddy !
Thanks for sharing. I’m twice a tech failure, onto the third opportunity. Balancing a day job all the while. My lessons are.. 1. Validating product-market fit is 80% of the work. You can get so much wrong with marketing a product that is very ‘right’ and you’d never know it. 2. You cannot make people buy products with marketing. I say this as a marketer who started at PepsiCo, went to funded startup, to bootstrapped startup, to Unicorn tech. You cannot make people buy something that they don’t want. Marketing is not all powerful - so get over it and focus on the product. 3. If you cannot measure its impact on a short loop, you should not permit it. No discussion about SEO, no brand awareness, none of this long winding pathway to PERHAPS a place we need to be. Get to the answers as fast as humanly possible with as little spend. 4. Ask the hard questions and do not avoid them. A hard question is ‘does anyone actually want to pay for this?’ and often that’s the answer to focus on. 5. No false validations, and unreliable inputs to roadmap. Measure behaviour only. No opinions allowed. 6. No experts. Only hire scientists. The ability to find out is ten times more important than knowing stuff. What you THINK you know was actually specific to a different product. 7. Noise and bias are your enemy. They present as collaboration, workshops, meetings, founders having nightmares, and insightful opinions. Ignore all signals that are not customer behaviour. 8. Product leaders need to be far more commercial, not builders. The build trap is real. Vetting question: ‘what makes a good product?’ Any answer besides ‘customers actually pay for it’ = do not hire. 9. Value exists outside the building. You don’t decide what value is, the customer does. Your internal ideas are classified as dangerous noise until you do the work to validate them with tests. 10. Do not iterate based solely on what the customer says. Verbal feedback is very dangerous. Customers lie without knowing.
I’m just gonna keep going, hopefully this is useful for someone out there. Overall this very brutal mindset and approach is similar to a discipline coined as ‘entrepreneurial management’ by Eric Ries. From your initial idea, you are facing a journey of many ‘forks in the road’. You have to accurately guess which road to take each time you make any decision (especially regarding the product). How will you successfully navigate 1000 forks by guessing? You don’t. So as rigorous, even limiting as it seems… You have to have extreme discipline to be lucky enough to find a product-market fit that can sustain a business. 90% failure rate for new businesses. Thats why!
90% of startups never find product market fit. Out of the rest that do, 42% percent still fail. Failure in the startup world is the NORM not the exception. Successful founders often only succeed after multiple attempts. Being afraid of failure in the startup world is synonymous with "being afraid of success". You have to learn how to fail before you can succeed. Working at a FANG company is a much better ROI, but for many startup founders and entrepreneurs, never trying is even worse than failure. Don't forget you learn a TREMENDOUS amount being a startup founder and while it is painful, it could also be rewarding. Tech companies will look favorably upon your resume if you do decide this journey is not for you.
I agree FAANG is a great ROI. If you get offered a job at a FAANG, take it and make a lot of friends. Then try to work on some hot new open source software like Kubernetes or AI or whatever. Then after a few years team up with a few of your friends, raise a few million in startup capital, and do a startup. So how come I didn't do that? Well, the truth is I've never been offered a job at a FAANG. Hmmmm. So if I'm not good enough to work at a FAAANG, what makes me think I can succeed at my own startup? The thing is, FAANGs don't offer enough opportunities to highly talented entrepreneurial-minded people. It takes quite a bit of luck to get hired by FAANG. You have to know the right people and the tech interviews are deeply flawed and highly subjective. Not everyone has such opportunities that come their way in life. Startups are a way that societies utilizes talented people who for whatever reason don't get job offers at FAANG companies.
Darren Lacroix has a similar story with the subway franchise. You are better off today than an executive MBA student who spends $60,000 in 2 years to learn from books what you did learn from experience. Onward and upward!
Awesome talk man! Great honesty, real life story... drama and failure while going down in flames... we all love this kind of stories! I also failed at launching a startup some time ago... now I'm well off just owning a few rental properties haha
Thanks for asking! Yes the business was established and had some customers. And there WAS a plan initially but the founders kept changing their minds and so we lost a lot of time and potential customers as a result of having no clear product offering. Had it been solely my business I would have stuck to our original vision, but that wasn’t my call as a cofounder. 😐
People who didn't put everything into entrepreneurship won't understand the pain. It's like a king fighting a battle in the medieval period where you’re not even fighting the enemy but also encouraging your army which doesn't believe with all its heart in your leadership skills
That's why it so easy to win nowadays. As soon as you don't get the result you want, its bail out time. Horrible. Because it takes years for you even if you been in the business to understand the market that you in and paint the picture to what the customers need. I been in my business for 4 years bootstrap and I'm now about to see my first dollars. Forget first dollars, possible first million in a year depending how hard I sell and push myself. But it was a process, to go learn the knowledge that I didn't know. Marketing, sales, and finance management. And I invested over 60K, and the money once this machine gets rolling will be back to me times 10 in 30 days. You got to stay down and see it through. But that requires obsession, consistence, and belief!
Instead of general, generic discussion already said elsewhere, would have been more useful if detailed examples were shared, e.g., business model of the startup, specific role you played, why and how the startup failed, when did you know it failed, etc.
So many people are drawn to the idea of tech startups, side hustles, house flipping, RUclips content creators, influencers, consultants, etc. It's the quintessential herd mentality phenomena where ideas and hearsay success stories spread by social media are often a lot sexier than reality. I compare it to the Instagram vacation phenomena. Everybody wants to go to Porto, Iceland, Bali because of the highly edited images and testimonials we see, but it's usually a big let down when you do end up visiting. Your aspirations of striking it rich and being a game changer with your app. is just as much of a crowded space as the beaches in Thailand. Same with all those parents who bend over backwards in this phenomena I call the child worshiping cult with tutors, over scheduling, aptitude testing, soccer, math camp. In spite of all this, there's a 95% chance that most those kids will still grow up to be mediocre.
Ok.. iam a muslim.. living in pakistan below poverty line.. Part Qualified Acca.. lost around some 10 k usd in crypto digital marketing etc. A FAMILY man with 2 toddlers.. lost my mom in covid also iam a single child... but iam not scared of any thing... yeah some times it feels that iam un luckiest man Of earth... BUT... THE VERSE OF QURAN.. ALI IMRAN 8 SAYS.... THEY SAY, OUR LORD! DO NOT LET OUR HEARTS DEVIATE AFTER YOU HAVE GUDIED US. GRANT US YOUR MERCY. YOU ARE INDEED THE GIVER OF ALL BOUNTIES. So thats it guys... ALLAH IS the greatest why are you taking tension.. he Created you and he better knows how to give when to give and what to give.... ❤😊
Started my logistics company and it’s not going the way I planned. This will be my biggest failure since I’m lacking on capital. What thoughts were going through you when you realized that you invested time and money then throwing the white flag and realize you lost??
Sorry to hear that Xavier. I feel your pain, my friend. Back then the whole situation was very stressful and very deflating, but over time I have come to see it as a blessing in disguise because that business wasn't my passion. It led me to finding a career path more in line with my values and much more happiness! 😊
![Biggest Startup Failures of ALL TIME [2023 Edition]](http://i.ytimg.com/vi/E7QxYHipqag/mqdefault.jpg)
Business is an intense game. I'm now on my second venture, and the first one is doing well and going strong 💪, but not without learning some excruciating lessons 🥵.
Keep your head up, shoulders back. You had the guts to go for it rather than fantasizing all day about it. Trust me if you have the entrepreneurial itch you’ll be back 😂 build MVPs they will save you pivot as you gather insights.
what are the lessons your learnt before starting i also need them
90% of all tech startups fail within 1 year. When I started my own, I simply decided that $50'000 was the money I'd put into it, and Im FINE with losing it all at least for the pursuit of a dream. I would never forgive me if I didn't try that. Better losing it for a good shot rather than spending the rest of my life being bitter and regretful that I wasn't brave enough to do something I truly believed in.
Totally agreed
100% - you can always come back from a failure, but at least you know you tried. 😊🙌🏻
It is the best way to spend money.
True man
It is better to have tried and failed than failed to even try!!!
This was so well spoken, honest and brilliant! I love the idea that you tried and how optimistic you were. I honestly dont consider this as a failure, but rather is an inspiration story. Im sure you're very successful without this startup. In my mind, success is peace of mind, not having billions of dollars
Thank you my friend! Yes it was a valuable experience and I am grateful to have experienced it. Wishing you all the best on your journey. 🙏🏻
I've been running a small business for 10 years. Right now the finances are not looking good. There is $200,000 of business debt and I have $65,000 of personal debt and it's looking like we are heading toward bankruptcy. I'm scared and depressed. This week I'm going to see several bankruptcy attorneys, but I'm probably going to lose everything if I'm able to file Chapter 7 for myself and the business. Worse yet, there are many customers in the business with substantial amounts in preorders... but there's not even close to enough cash to refund them all and the business might only be able to survive financially for a few more months. If I am able to file for bankruptcy I will lose my vehicle and most of my belongings and will probably have to move back in with my mom or a friend. This is the scariest and darkest time of my adult life.
I am soooo sorry to read this!
Small business owners are going the way of the dinosaur. Big tech and multinationals are winning, and they will continue to win regardless of our ingenious efforts to stay in business.
Try to save what you can.
Take as much cash from the business as possible. Sell everything and take vacation and try to start over.
I just mismanaged $100k with a new start up.
Either way as long as you have your freedom and life, you can always make more money.
Hey mate, I hope your doing alright now, im sorry to hear what has happened. Keep it going, I know you will pull through
too bad this user doesn't have no mention what his business is or any contact information I could really help this user
Hearing your story really gives me some peace with my own story. I worked on my own startup for the past 2 years and we are at the point where we will shutdown. We just never got the traction that we needed and lost our USP, because we were unable to create the product we inteded to develop. What really striked me in your video is that I feel excatly the same, as you, I also went into the startup world mainly to earn big money and get the feeling of doing something special, but i never loved the work. I had no passion for our product or the things we wanted to do, so even when trying I couldnt give it my all. I hope i will sooner or later find my passion and be brave enough to go for it, whatever it may be. Atleast i know now that it is not the start up world for me, even if it really hurts right now.
Really sorry to hear that it didn't work out for you - but know that at least you tried. And I am sure you learned a lot! Let me know if you ever wanna chat about your experience, always here to support.
Thank you so much. This made me thank again before stoping my college.
Whenever I watch a video about how someone "made it", I become intuitively curious about all those who risked it all and "failed". It doesn't mean that you made a mistake by giving it a shot.
I agree Aaron, the media loved the success stories but forgets those that couldn’t make it work. I have zero regrets because I know I have it a shot, and it led me to a much more rewarding career over the long term. Thanks for sharing your perspective! 😊🙏🏻
@@midsonshort I agree with you. Getting started and to be successful, we have to give it our all and leave nothing on the table. The more we move forward, the quicker we learn, and the turn it into application in the business, the more successful we are likely to be.
I completely agree too. The pain of regret is bigger than the pain of "failure"
I failed 4 times before starting the successful business. Part of the process for me was to find out what things about myself I need to improve, and another part of it was finding a business that I enjoy enough to work through the rough days.
How old are you
What are these businesses?
Would be interested to hear your story.
I think the issue is people go all in when there should be a period were you are sustaining your life (keeping your 9 to 5) and chasing wealth after 5pm... Yes you work double in the beginning but you minimize the potential cost of failure. Example. im a developer with a big idea.. i have a team of likeminded developers, we are working together nights and weekend to bring this solution to reality. Yes it takes longer to launch but you also have leverage when you do, without burning through someone elses funds. if it all fails, you still gain knowledge, new skillset, by all you learned in your personal (Wealth chasing) time. You can use that experience to increase the money you bring in 9 -5.
This video is an eye-opener when one wants to jump into a startup, blinded by the big money.
Thank you very much Daniel!
Very to the point talk. No useless chitchat. You really know how to deliver what you know. Good skill. All the best 👍
Your eyes are already telling a story, friend. As I also failed, I gotta tell you something that it is completely fine to fail. As success is glorified more, we think only we are failed. I think you are a winner as you tried something I can't even think of doing, it's a matter of perspectives.
This was destined so don't give importance to the thought that you've done it. Instead, you can be someone to tell what not do, isn't it great?
Best wishes from India!
At least you tried! Often I think people fail to recognise the value of soft skills and building character.
Developing those skills for 60k and 2 years is a pretty cheap trade off. Congrats on failing up!
Agree 100% 😁
Thanks for the honest sharing! I’ve been in a very similar situation to yourself pursuing startups, and it’s important to know that building a business is a team effort and many factors are outside of our control. As long as we learn from the experiences and grow as a person, it is worth it. Stay blessed! 🙏🏼
I agree! The learning and growth we receive is incredibly valuable! Glad that this video resonated for you! 😊🙏🏻
Sometimes you love it. But you get burnt out and then you realize it isn’t the way to go. Thanks for sharing this was helpful.
You got it! Glad it was useful for you 😊🙏🏻
Nice one Daniel thanks for sharing your story. Tis a cliché to say but you only regret what you don’t do. My own business that I closed after operating it for seven years still brings me the greatest joy when I think back and lessons learned ever… I’ve had some affirming experiences lately with people passing and I’m convinced that money holds little value. An old friend who was always very concerned about money wouldn’t get a plumber to fix his kitchen tap because he was worried about being overcharged, this was days after being told he had weeks to live! He died shortly after owning three houses in the same road he lived in and had a bank balance fit to burst. I have many similar stories and all of these people would suggest that having a venture fail would be the worst thing in the world to happen. I guess what I’m trying to say here is that people hold money in greater importance than life itself even when money or possessions hold no value after your death. It’s the money that has them, they never truly have the money or a life outside or their concerns about money.
Awesome video, I'm close to launching my start up and although I love my idea and love seeing it come to light I'd be lying if I said im not a bit terrified of failure. Thank you for making this video.
You should definitely still go for it, but I’d say hedge your bets in the first few years if you can. Keep another job or source of income coming in. That way you won’t be set so far back if it doesn’t work out. It’s still worth the risk for the learning.
How is it today?
Your eyes said this all.
They look pained
Hi Daniel. This is one of the best videos I ever found. You reminded us that there is a way back from failure. I hope things are working out for you now.
Thank you Mark! So glad it was useful for you! Yes, I recovered and have found a much more rewarding career. Overall the experience sucked, but it worked out in the end! And now at least I know I tried! Wishing you all the best! 😊🙏🏻
Thanks very much Daniel.
Great story Daniel! And it takes courage to accept one's shortcomings.
I feel this so much in a lot of ways. I'm still going, but holy moly it's been so much harder to get to the point I'm at than I expected. If I wasn't absolutely obsessed with my idea I would have given up ages ago. Especially since my ADHD is drawn to INTEREST. Thanks for your vulnerability here. Makes me feel seen! Good luck out there with whatever venture you are on now! -Ryan
Thank you 💞..... Thanks for being honest.... You will be a billionaire
Thanks my friend! Not sure if I need to aim for billionaire status anymore… but I appreciate the sentiment! 😊🙏🏻
Thank you soooooo much for sharing this! I was feeling so alone and depressed and I literally went through the same thing. It was so relatable and needed you may have saved my life ❤
Thanks a lot for sharing your story sir!
Hi Daniel, I started my a tech company providing Web development / social media marketing / graphic design & Video animation and Now I'm at the stage where it's going down, we don't have any new clients due to not spending enough to make up our funnel.
I love the work, my efforts were there but due to my silent partners not remaining silent now we're in the stage of shutting everything down today or tomorrow.
Sorry to hear that Marc, I know first hand how hard that can be. Don’t be too down in yourself - I think a lot more people fail than we realize. Even if this business doesn’t work out, you will rise again 😊🙏🏻
@@midsonshort highly appreciate the kind words ❤️
what are you doing now
Yeah that's how I feel about my aspirations of becoming a successful poker player and gambler but after many consecutive years of failure it's just self destructive.
Like you said, it's a key to success to allow yourself to erase the original plan and create a new one that will lead you to the better life you are trying to create.
Thanks for the video.
The saddest thing is... I loved building our logic assistant, and we released it, and it was a "nothing burger." I don't think users want to pay for apps anymore. This has been the case for at least a decade.
Im an entrepreneur strugling still for success, respect for this video, great for learnig, cheers
What do you do?
Hi Daniel! Thank you for sharing your story. I'd like to add a different perspective form my experiance. While I'm passionate about my startup, I've come to realize that passion alone isn't always enough for success. It's essential to consider profit margins and whether we can sustain the company. I've found that having a clear understanding of our financials, including cash flow and access to investor networks, is crucial. This insight comes from my own experience, and I hope it proves helpful to others
I can relate to this so much.
Glad it resonated for you!
My sympathies. I can greatly relate to your situation. Our business (Kitchen Delight) has been almost 14 years already. It really hurts a lot seeing our business struggle to exist. The business landscape has changed over the last few years. I had experienced our golden years. Unfortunately, now we find it hard to gain customers. we make our own efforts with our marketing and all but the return is not that satisfactory. There are a few causes that I see that made our business unprofitable and here are a few; Inflation. Drastic prices going up results in limited customer purchasing power. Competition. Especially in pricing. Our competitors are well funded thus they can manufacture huge amounts that will save them production costs. The list of factors goes on... The bottom line is that I am still in the part of my life where I am trying to internalize everything and this will lead to loss. It is a hard pill to swallow especially after years of getting used to what I am doing. Now I am still in hardships. I hope years from now everything will be good.
whats the situation now
Thank you for sharing this!
thank you for sharing your journey it would help me
So glad to hear that! Wishing you all the best 😊🙏🏻
Thank you for telling your story about your failure in investing. There are many people who tell their success stories, and we usually do not see failure stories, which makes us live in our imagination that we will succeed and become a millionaire, and we do not realize that it is possible that we lose.
I love being an entrepreneur, but I would recommend for people that want to start a business, is to do it in a field that you know inside and out, and have a passion for. There are successful potato farmers that don't know anything else. Thanks for sharing
Totally agree! That was a huge mistake for me trying to do something because I thought it would bring me money. You are on the right track and I wish you all the best! 😊🙏🏻
Good share, buddy. Thank you for bearing your soul for our education.
Let us keep a stiff upper-lip.
Thank you for sharing your story. It takes courage to put your story out between all these success stories.
Thank you my friend! Yes it’s honestly a part of me that I wanted to hide away for the longest time. I felt like because I didn’t ‘make it’ as a startup millionaire/billionaire that I was somehow weak or not worthy. But the truth is everyone has a story like this along the road to their overall success. 😊🙏🏻
Thanks Daniel for honest sharing his story. Because most known stories from Silicon valley about successful, easy money-making, how do they became unicorn from nothing etc.
And biggest mistake you've made is that you thought about how to make money without being passionate (impacting) about your industry and product. And your force is that you realized and admitted it to yourself.
And I like your attitude to this case. Like: "Anyway it is not failure as it is. It is a biggest and most expensive lesson in my life. Which costs $60K and several years time-wasting"
p.s. I subscribed to your channel, after this video )))
mate you are a hero, when these opportunities are available to you, and when you started it seemed it will likely work, you have to do it like a man. And all your intention is to provide better for your family. Don't sell short of yourself, keep moving but team up with like minded people. The final transcript of life is no regret on dreams.
Precious vidéo, thanks for sharing your experience mate, i guess we all pass by here ! we get up and try again 🖖
As long as one isn't in debt, I think throwing money at something isn't all that bad. If you got $60k, then $60k for two years of experiments is fine.
That’s a good way to look at it, thanks for the insight. I totally agree the experience was worth the lost money and time. 😊🙏🏻
I wish we never founded our startup. No matter how much grit, intelligence, resources, etc., you may have, you can NEVER compete against Big Tech.
@@mahagolestaneh as someone working in big tech, I strongly disagree! Big tech is very inefficient and very expensive. Lot’s of room for competition.
Thank you for a sharing your story. I also has a started a startup with my friend. We are in the stage of find building of our application. Me and my friend started it when we were at the uni. We both are software developers. I specialise in design and marketing my friend do the programming and QA. We've worked in other companies before that use our domain for around 2 years. This September we are launching our beta. There were no worries about getting funds initially since there were funding from an initiative of our govt for supporting startups. Also we are releasing this application on a new platform backed by a big company who's currently supporting us. We ain't stopped yet. Also we are working 4 other projects in parallel. I think it's worth a shot and we'll see what happens.
Sounds like you have some great momentum and a good focus! Wishing you all the best my friend 😊🙏🏻
@@midsonshort thanks for the support brother. Hope i can atleast make any one of my projects successful. Although it's all part of learning process. Gives a lot of experience.
which country are you from bro
@@shailendarshail9990 I'm actually from India. Here govt do provide a lot funding schemes for starting a startup it's very easy process though if you have a great idea. For me I didn't use these fundings yet. Now I have individual investors with projects worth 100k dollars. I have came a long way till I started.
Thank you for your honesty! I also enjoy your public speaking by the way. 99% start-ups fail. Part of the reasons is 80% start-ups should have started if the founders don't figure out the following 3 things:
1. Would you use the product or service you make? How much do you care about the product and service you are making.
2. Really how big is the market? Don't just pull the TAM, SAM and SOM from google. You should spend time talking to your potential users/customers and really get a feel how much they want your product.
3. If you know you will fail, would you still start it?
Half of the start-ups won't start by the time they figure all the above out. The other half may have some chance to succeed (it will be still small). But if your answer to question 3 is yes, you already succeed.
Wow that's a really good comment. Definitely saving this for later.
Although I am really scared of failing this Video really inspired me and took this fear a little bit. I realised that the only thing I really fear is what others will think, but then again it just doesn’t matter
Phenomenal video, Daniel! One of your best. Powerful what you said here, on several levels. The truth about people often caring about the money more than the passion/impact. Also, quitting is often a great thing to do, when done consciously and for the right reasons - which is exactly what you did here. Really enjoyed watching this while on a break from work today!
Thank you my friend! Glad that it resonated for you. Being someone who values authenticity as much as you do, I can see why this message would connect for you. Appreciate your support and encouragement as always! 😊🙏🏻
Thanks for sharing. You won't die wondering and that experience and insight is priceless.
Anyone doing a startup should seek to fail fast and if it's not a fail then that could be a sign that you're onto something :)
That’s a great perspective! I do kinda wished I’d failed faster, but hey, the experience was still worth it 😅
One of the secrets to success is learning how to fail fast. Its not failure, its a shot at basket, shoot again. Once you score a winning shot, it wont matter how many times you missed.
True but you can fail at that too you know
love the honesty
Thanks my friend! I think it’s important to show the other side and reality of what happens to a lot of startups 😊🙏🏻
Thank you for this video Dainel
Thank you for an honest share
Thanks for sharing bro! The honesty was so true and great 🍻
Another GREAT resource on why businesses fail us a peace titled The Hatchet Man's Playbook - a LOT of eye-popping stuff!
Will check it out, thanks!
Wow this is crazy, I just started a company and I hope it works out
Great content. I am in year 3 of my startup and looking to pass the dreaded year 5 mark!
That’s awesome Tomm! You’re crushing it! 😊🙌🏻
Thanks for sharing your story Daniel. I found it very insightful
You got it my friend! Glad it resonated for you! 😊🙏🏻
I am from India and I started my first business with 41000 pound and it fails and the second business I started with 17500 pound and that’s also fail but I didn’t give up every failure is a great lesson for me but in my 3rd try I started my londery business with 40k pounds and it become successful later on I iron the clothes and also open dry clean facility for people and now I have 1.5 million British pound in my bank account
thanks for share this.. make me realize start up maybe not for every body
Glad it was insightful for you! 😊🙏🏻
Thank you for your video, it was very encouraging. ❤
Hey at least you tried ! Most people wont even do that.. And you must have learned so much. And you have the courage to accept failure and move on. Hey Thats something buddy !
Absolutely! I’m grateful for the experience now and proud of myself that I tried! 😊🙏🏻
I know the feeling bro, happens the same with me I left my job and spend 20k in savings in a similar project
Thanks for sharing. I’m twice a tech failure, onto the third opportunity. Balancing a day job all the while.
My lessons are..
1. Validating product-market fit is 80% of the work. You can get so much wrong with marketing a product that is very ‘right’ and you’d never know it.
2. You cannot make people buy products with marketing. I say this as a marketer who started at PepsiCo, went to funded startup, to bootstrapped startup, to Unicorn tech. You cannot make people buy something that they don’t want. Marketing is not all powerful - so get over it and focus on the product.
3. If you cannot measure its impact on a short loop, you should not permit it. No discussion about SEO, no brand awareness, none of this long winding pathway to PERHAPS a place we need to be. Get to the answers as fast as humanly possible with as little spend.
4. Ask the hard questions and do not avoid them. A hard question is ‘does anyone actually want to pay for this?’ and often that’s the answer to focus on.
5. No false validations, and unreliable inputs to roadmap. Measure behaviour only. No opinions allowed.
6. No experts. Only hire scientists. The ability to find out is ten times more important than knowing stuff. What you THINK you know was actually specific to a different product.
7. Noise and bias are your enemy. They present as collaboration, workshops, meetings, founders having nightmares, and insightful opinions. Ignore all signals that are not customer behaviour.
8. Product leaders need to be far more commercial, not builders. The build trap is real. Vetting question: ‘what makes a good product?’ Any answer besides ‘customers actually pay for it’ = do not hire.
9. Value exists outside the building. You don’t decide what value is, the customer does. Your internal ideas are classified as dangerous noise until you do the work to validate them with tests.
10. Do not iterate based solely on what the customer says. Verbal feedback is very dangerous. Customers lie without knowing.
I’m just gonna keep going, hopefully this is useful for someone out there.
Overall this very brutal mindset and approach is similar to a discipline coined as ‘entrepreneurial management’ by Eric Ries.
From your initial idea, you are facing a journey of many ‘forks in the road’. You have to accurately guess which road to take each time you make any decision (especially regarding the product). How will you successfully navigate 1000 forks by guessing? You don’t.
So as rigorous, even limiting as it seems… You have to have extreme discipline to be lucky enough to find a product-market fit that can sustain a business.
90% failure rate for new businesses. Thats why!
Mine lost 10k so far, it's a yoga studio, been going on for 8 months, not sure when is the point at which I need to give up :/
thank you for the honesty
If you don't mind me asking, what was your healthcare app about?
90% of startups never find product market fit. Out of the rest that do, 42% percent still fail. Failure in the startup world is the NORM not the exception. Successful founders often only succeed after multiple attempts. Being afraid of failure in the startup world is synonymous with "being afraid of success". You have to learn how to fail before you can succeed. Working at a FANG company is a much better ROI, but for many startup founders and entrepreneurs, never trying is even worse than failure. Don't forget you learn a TREMENDOUS amount being a startup founder and while it is painful, it could also be rewarding. Tech companies will look favorably upon your resume if you do decide this journey is not for you.
I agree FAANG is a great ROI. If you get offered a job at a FAANG, take it and make a lot of friends. Then try to work on some hot new open source software like Kubernetes or AI or whatever. Then after a few years team up with a few of your friends, raise a few million in startup capital, and do a startup.
So how come I didn't do that? Well, the truth is I've never been offered a job at a FAANG. Hmmmm. So if I'm not good enough to work at a FAAANG, what makes me think I can succeed at my own startup? The thing is, FAANGs don't offer enough opportunities to highly talented entrepreneurial-minded people. It takes quite a bit of luck to get hired by FAANG. You have to know the right people and the tech interviews are deeply flawed and highly subjective. Not everyone has such opportunities that come their way in life. Startups are a way that societies utilizes talented people who for whatever reason don't get job offers at FAANG companies.
Darren Lacroix has a similar story with the subway franchise. You are better off today than an executive MBA student who spends $60,000 in 2 years to learn from books what you did learn from experience. Onward and upward!
Agreed my friend! Thanks for the reminder! Hope you’re doing well 😊🙏🏻
Awesome talk man! Great honesty, real life story... drama and failure while going down in flames... we all love this kind of stories! I also failed at launching a startup some time ago... now I'm well off just owning a few rental properties haha
Glad to hear that you found you way Carlos!
Thank you great sir, I need this
Thanks for the Video.
Bro if you spent $60,000.00 on sustaining yourself, that's not putting your money into a startup!!!
It kind of is. He is paying himself to work on the startup.
It is. It is called salary.
Sorry to ask two questions, I want to learn. Had the business started off? And was there a business plan for the startup?
Thanks for asking! Yes the business was established and had some customers. And there WAS a plan initially but the founders kept changing their minds and so we lost a lot of time and potential customers as a result of having no clear product offering. Had it been solely my business I would have stuck to our original vision, but that wasn’t my call as a cofounder. 😐
@@midsonshort thanks for sharing, I'm deeply grateful. I wish you the best in all of your endeavours.
People who didn't put everything into entrepreneurship won't understand the pain. It's like a king fighting a battle in the medieval period where you’re not even fighting the enemy but also encouraging your army which doesn't believe with all its heart in your leadership skills
That's why it so easy to win nowadays. As soon as you don't get the result you want, its bail out time. Horrible. Because it takes years for you even if you been in the business to understand the market that you in and paint the picture to what the customers need. I been in my business for 4 years bootstrap and I'm now about to see my first dollars. Forget first dollars, possible first million in a year depending how hard I sell and push myself. But it was a process, to go learn the knowledge that I didn't know. Marketing, sales, and finance management. And I invested over 60K, and the money once this machine gets rolling will be back to me times 10 in 30 days. You got to stay down and see it through. But that requires obsession, consistence, and belief!
Very true! 😊🙏🏻
What was the app about?
I learn something but so many things for your experience
Float? Did you mean that is how much spent on yourself or you invested in that company for it’s various expenses?
Can’t judge the man in the arena! You’re way ahead of those on the sidelines still procrastinating
Thanks for sharing really inspiring
Same thing happen to me mate, hated the moment i gave up the startup tech business
Glad to know this resonated for you! 😊🙏🏻
I wish you all the best for your future & lots of love from India 😊
Thank you my friend! Wishing you all the beat as well 😊🙏🏻
Hello guys
I am a 18 year old and I feel really confused and stressed about choosing a career,so can anyone please give me some advice?
Thank you for your share
Great video. Thank you.
I watch this repeatedly so sad to fail I sacrificed everything
I would share the learning as yes it may not have worked but the learning is worth it
Agreed Andrew! The lessons are worth more than the time and money they cost! 😊🙏🏻
A failed business isn’t a complete failure if you’ve learned something from it. It will keep the entrepreneur moving forward. Good luck.
Agreed! Thanks for the encouragement! 😊🙏🏻
I too lost 50k when I went ahead build my startup.
Thanks Dan, don't worry, you lost less than Elisabeth Holmes did. You had lucidity to turn back when it was still time. Great video all the way.
Yes, very true!! I can understand though why some people get so caught up in it all… it’s a very delusional world in the tech space!
Instead of general, generic discussion already said elsewhere, would have been more useful if detailed examples were shared, e.g., business model of the startup, specific role you played, why and how the startup failed, when did you know it failed, etc.
A very useful one.😊
Because you gather all this experience you success rate it higher if you'll start another business.
Thanks for sharing
You got it! Thanks for watching 😊🙏🏻
So many people are drawn to the idea of tech startups, side hustles, house flipping, RUclips content creators, influencers, consultants, etc. It's the quintessential herd mentality phenomena where ideas and hearsay success stories spread by social media are often a lot sexier than reality. I compare it to the Instagram vacation phenomena. Everybody wants to go to Porto, Iceland, Bali because of the highly edited images and testimonials we see, but it's usually a big let down when you do end up visiting. Your aspirations of striking it rich and being a game changer with your app. is just as much of a crowded space as the beaches in Thailand. Same with all those parents who bend over backwards in this phenomena I call the child worshiping cult with tutors, over scheduling, aptitude testing, soccer, math camp. In spite of all this, there's a 95% chance that most those kids will still grow up to be mediocre.
Dear Daniel could I interview you on my channel? about your start-up that failed, and what you learned form it? thank you
Sure I’d be glad to! Want to send me a message via instagram and we can setup a time. 😊🙏🏻
Love it, thanks
Wish you the best.
Thank you my friend, wishing you all the best too! 😊🙏🏻
Ok.. iam a muslim.. living in pakistan below poverty line.. Part Qualified Acca.. lost around some 10 k usd in crypto digital marketing etc. A FAMILY man with 2 toddlers.. lost my mom in covid also iam a single child... but iam not scared of any thing... yeah some times it feels that iam un luckiest man Of earth... BUT... THE VERSE OF QURAN.. ALI IMRAN 8 SAYS....
THEY SAY, OUR LORD! DO NOT LET OUR HEARTS DEVIATE AFTER YOU HAVE GUDIED US. GRANT US YOUR MERCY. YOU ARE INDEED THE GIVER OF ALL BOUNTIES.
So thats it guys... ALLAH IS the greatest why are you taking tension.. he Created you and he better knows how to give when to give and what to give.... ❤😊
Nothing ventured - Nothing gained. It’s never a waste. Especially if you learn from it.
Very true! 😊🙏🏻
so true
Started my logistics company and it’s not going the way I planned. This will be my biggest failure since I’m lacking on capital. What thoughts were going through you when you realized that you invested time and money then throwing the white flag and realize you lost??
Sorry to hear that Xavier. I feel your pain, my friend. Back then the whole situation was very stressful and very deflating, but over time I have come to see it as a blessing in disguise because that business wasn't my passion. It led me to finding a career path more in line with my values and much more happiness! 😊
this is what i am thinking of@@midsonshort
How you doing now ?
Doing great! The experience sucked but it taught me resilience and put me on a much better career and life path!
Wjat made it "unsuccessful"? Dis the cose not work, or did you guys mot get any clients?